U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 17433 / March 25, 2002
Securities and Exchange Commission v. Internet Capital Holdings, Inc., et al., Case No. 00-9028-CIV-HURLEY (S.D. Fla.)
The Securities and Exchange Commission announced that on January 7, 2002, the Honorable Daniel T.K. Hurley of the United States District Court for the Southern District of Florida dismissed the SEC's case against defendant Peter J. Buzanis who was killed in June 2001.
On October 5, 2001, the Court entered a Final Judgment of Permanent Injunction against defendant William E. Griffis. Griffis was enjoined from future violations of Sections 5(a) and 5(c), and Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 15(a)(1) of the Exchange Act. On January 8, 2002, the Court approved the settlement between the SEC and defendant Griffis. Under the terms of the settlement, Griffis agreed to disgorge $111,274, waiving all but $14,549.50 which he paid to the Receiver.
On July 27, 2001, the Court entered a Final Judgment of Permanent Injunction against the court-appointed Receivership Entities, Internet Capital Holdings, Inc. and Internet Capital Holdings, II, Inc. The Receivership Entities were enjoined from future violations of Sections 5(a), 5(c), and Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 7(a) of the Investment Company Act of 1940 and ordered to pay disgorgement and civil penalties. On January 22, 2002, the Court also dismissed the SEC's claim for disgorgement and civil money penalties against the Receivership Entities and relief defendant, Internet Capital Consultants.
For additional information, see Litigation Release No. 16803 (November 17, 2000)